Indian Export

Maruti Suzuki India on Tuesday said it has commenced export of its sports utility vehicle Fronx to Japan.

India on Friday came out with a 'dynamic and responsive' foreign trade policy with the objective of raising the country's outward shipments to USD 2 trillion by 2030, making Indian Rupee a global currency and incentivising e-commerce exports. The approach of Foreign Trade Policy (FTP) 2023 is to move from 'incentive to remission' based regime; encourage collaboration between exporters, states, districts and Indian Missions; reduce transaction cost; and develop more export hubs. India is likely to cross USD 765 billion merchandise and services exports in financial year 2022-23 which ends on Friday. The total exports were USD 676 billion in previous fiscal year. Unlike the practice of 5-year FTPs, this time the government has come out with a dynamic and responsive trade policy without any end date, and will be updated as per the emerging global scenario. "We have ensured there is no end date to this policy, it will be updated from time to time," said Director General of Foreign Trade

India should target USD 350 billion worth of goods export through e-commerce by 2030 and for that the government needs to address pain points of the sector by taking steps like formulating a separate policy, a report by economic think tank GTRI said. The Global Trade Research Initiative (GTRI) said the current e-commerce export provisions in India are a patchwork over the rules framed for regular B2B (business-to-business) exporters. India's e-commerce exports have the potential to grow at a faster pace than its IT exports did in the early 2000s, it said. With Global business-to-consumer (B2C) e-commerce exports estimated to grow from USD 800 billion to USD 8 trillion by 2030, India's strengths in high-demand customized products, expanding seller base, and higher profit margins per unit of export place it in a prime position to benefit from this trend. GTRI has identified 21 action points for accelerating the country's exports through online medium. India's current e-commerce expo

The country's toy exports have touched Rs 1,017 crore during April-December period this fiscal, according to the government data. In 2021-22, the exports stood at Rs 2,601 crore. "Made in India toys continue to tap global markets! India's toy exports rose to more than 6 times in April-December 2022 as compared to the same period in 2013," commerce and industry minister Piyush Goyal said in a tweet. During April-December 2013-14, the shipments were at Rs 167 crore. The government is taking steps to promote domestic manufacturing and exports of toys from the country and reduce imports from countries like China, which are of low quality. In 2018-19, toys worth Rs 2,960 crore were imported into India. With the philosophy of 'vocal for local', the government took several steps to promote indigenous toys designed on Indian culture and history. The overall import of toys in India reduced by 70 per cent to Rs 870 crore in 2021-22. In February 2020, import duty on toys was raised from 20

The CBIC on Wednesday came out with a mechanism to check the undervaluation of imported goods under which two committees comprising tax officers will be set up for screening and evaluation

India has exported 16.92 lakh tonnes of sugar till January 4 of the ongoing 2022-23 marketing year, including 59,596 tonnes of the sweetener to neighbouring China, trade body AISTA said on Tuesday. Among other neighbouring nations, India has exported 1.47 lakh tonnes of sugar to Bangladesh, and 82,462 tonnes to Sri Lanka during October-January 4 of the current marketing year, All India Sugar Trade Association (AISTA) said in a statement. The sugar marketing year runs from October to September. The government has allowed export of 6 million tonnes till May of the 2022-23 marketing year. According to AISTA, mills have exported a total of 16,92,751 tonnes of sugar from October 1, 2022 to January 4, this year. Over 3.47 lakh tonnes of sugar is under loading, while 2.54 lakh tonnes of sugar has been delivered to refineries considered to be deemed export in the said period, it said. Of the total exports undertaken so far, maximum exports have been to Somalia at 1.70 lakh tonnes, followe

While authorities are working to increase millet production and consumption, exports data shows that exports of agricultural and food items, especially other cereals, continued to grow at a brisk pace

India's exports may have touched an all-time high of USD 422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US. Before the COVID-hit global economies could come out of the woods, the outbreak of the Russia-Ukraine war in February severely disrupted the supply chains worldwide and hardened the global commodities prices. The war has also impacted the movement of goods through the important black sea route. Taking note of worsening geopolitical situation, the World Trade Organization (WTO) has projected that the global trade would g

Union Minister Nitin Gadkari on Sunday said efforts are on to develop infrastructure to make Nashik a leading region in the country for export-import of agricultural produce as well as automobile and other manufacturing items. He was speaking here while inaugurating some projects and laying foundation stones for upcoming ones. "Rapid development, especially of good roads, will bring about employment opportunities. We want export of grapes, onions etc as well as automobile sector items to take place directly from here. Efforts are on to make Nashik a leading region for export-import using road, rail and air," he said. He launched and laid foundation stones of 226 kilometres of road worth Rs 1,830 crore during the function held in Igatpuri here. "We are performing the bhoomipujan of seven road works with a total length of 205 kilometres. These projects are worth Rs 1,577 crore. They include works in Dhule Lok Sabha area as well. The work on six-laning the Gonde-Pimpri Sado section wi

Domestic corn prices have surged, driven by high demand, increased exports and some damage to the crop following heavy post-monsoon rains

Indian footwear and leather exports to West Asia and North Africa (WANA) region have registered an exponential growth of 20 per cent in the first half of 2022, officials said on Monday. Opening the India Footwear and Leather Products Show 2022 in Dubai on Monday as part of the Indian government's export promotion drive across global markets, Council for Leather Exports (CLE) Chairman Sanjay Leekha said the growth momentum for Indian exports to the region is all set to see a marked scaling up, particularly in the UAE. "Indian footwear and leather exports to West Asia and North Africa (WANA) region registered an exponential growth of 20 per cent in the first half of the 2022 fiscal, from April to September, with the UAE followed by Saudi markets leading the uptake," the CLE said in a press release. The India Footwear and Leather Products Show 2022 will run from December 13-14. As for footwear and leather exports, we are already on the road to a higher market share in WANA from the ..

India is capable of generating a 9 per cent growth rate but in view of the geopolitical situation, we should be satisfied with a 6.5-7 per cent economic expansion, says Sanjiv Sanyal, member of the Economic Advisory Council to the Prime Minister. India is following an "investment and export-driven growth model" and against the backdrop of "turbulent" global times, the RBI and the government have followed a restrained macro-economic approach, which is a correct step. "It is a very turbulent time and we are generating a 7 per cent growth rate already. Nothing to sniff at. But if we get an open road, this economic machinery that we have built is capable of generating a 9 per cent growth rate," Sanyal said at the Times Now Summit 2022. The global economy is facing supply chain disruptions following the outbreak of the Russia-Ukraine war in February. In its World Economic Outlook released last month, the International Monetary Fund (IMF) forecast global growth to slow from 6 per cent

The export commissioners will be expected to operate under clear targets to expand exports from their states

In a pre-budget consultation with the finance ministry, farmers' organisations on Tuesday asked the government to lift ban on exports of agri items like wheat and restrict import of products that cost below the minimum support price (MSP). They also demanded that the government should focus on increasing domestic output of local oilseeds such as soyabean, mustard, groundnut and sunflower, instead of palm. Imposition of higher taxes on processed foods was another suggestion made by farmers' bodies during the virtual meeting with finance minister Nirmala Sitharaman. The finance minister chaired her third pre-budget consultation with the experts of agriculture and representatives of the agro processing industry here. In his wish list for the Union Budget 2023-24, Bharat Krishak Samaj Chairman Ajay Vir Jakhar demanded that the government should "not allow import of produce where landing costs are below MSP". He also urged the Centre to focus on human resources development in the farm

Move follows 21% YoY dip in exports in October; some exporters believe things will improve in the coming months as yarn prices have declined and dollar rates are favourable

With the amendment to the Foreign Trade Policy, invoicing, payment, and settlement of trade can now take place in Indian rupee

Indian Sugar Mills Association (ISMA) on Monday welcomed the government's decision to allow export of 6 million tonnes of sugar till May 31, of the 2022-23 season and expressed confidence of getting export nod for additional 3 million tonnes. While the industry had requested the government to allow exports of 9 million tonnes of sugar, the Food Ministry on November 5, permitted only 6 million tonnes on a quota basis till May 31 of the 2022-23 season (October-September). The government has said it could reconsider further quantities after assessing the domestic production. "Sugar industry is confident that the government will allow sugar exports of additional 3 million tonnes," ISMA said in a statement. This would ensure steady domestic prices, enabling timely cane price payment to farmers and lower inventory levels ensuring there are no additional costs incurred by mills, it added. ISMA hailed the government's sugar export policy and said the tradable quota scheme will ensure ...

The government panel tasked to determine tax refund rates for overseas shipments from special economic zones and export-oriented units under export promotion scheme RoDTEP will submit its report on December 20, an official said. These sectors were left out in the earlier exercise which was conducted in August 2021. The government in August last year had announced the rates of tax refunds under export promotion scheme Remission of Duties and Taxes on Exported Products (RoDTEP) for 8,555 products such as marine goods, yarn and dairy items. As SEZs (special economic zones) and EOUs (export-oriented units) were kept out of the scheme in the list notified that time, the industry was demanding to include them in the scheme. Under RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, will be refunded to exporters. The three-member committee is chaired by former secretary G K Pillai. The other two members include former CBEC member Y G Parand

India has emerged as a leading defence exporter in recent years and could fulfill Africa's maritime, aerospace and defence requirements, with Mauritius, Mozambique and Seychelles becoming the major buyers of Indian arms during 2017-2021, according to a research report released here. The report by India Exim Bank, titled Reinvigorating India's Economic Engagements with Southern Africa', was released at the inauguration of the CII-Exim Bank Regional Conclave on India-Southern Africa Growth Partnership, where government officials and captains of business and industry are meeting on Tuesday to discuss a wide range of areas of potential cooperation. The report also suggested a shift from India's current approach to India's defence and security cooperation with Africa and other developing countries, which remains need-based and focuses on empowering through training, capacity building, and humanitarian assistance. Increased cooperation in areas of aerospace, defence, maritime equipment a

Indian exporters are holding back on dollar sales on hopes of a further slide in the rupee, eyeing a windfall as the local currency plumbs record lows this year